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WORLD

BP says eyes sale of Canadian natgas liquids unit

16.12.2010 [16:49]
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Baku, December 16 (AZERTAC). BP Plc said on Wednesday it was examining the possible sale of its Canadian natural-gas liquids business as it seeks to raise up to $30 billion (19 billion pounds) to pay for its Gulf of Mexico oil spill.

The assets, which include pipelines and processing stations that remove valuable crude-like liquids from gas, could fetch $2 billion, a Bloomberg report said, although one industry source said this figure was on the high side.

"BP has decided to prepare its natural-gas liquids business for a possible sale," a spokeswoman at BP`s Canadian unit said, adding that any proceeds are pegged to go towards paying for costs arising from the spill.

The assets BP is putting up for sale include the 4.6 billion cubic feet a day Empress fractionation plant on the Alberta-Saskatchewan border, and other plants in Fort Saskatchewan, Alberta, and Sarnia, Ontario.

The plants are expected to attract the interest of a number of companies already operating natural gas processing facilities in Canada, a list that includes Spectra Energy Corp , William Companies Inc , Provident Energy Trust and others, Steven Paget, an analyst at FirstEnergy Capital said.

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